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Vehicle purshase
I am a single member LLC can I purchase a vehicle under my business and claim it as a business expense for 2021?
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Self employed
Hi @trisia_t
You can claim the vehicle as a business asset if you use it for the business.
If you use your car only for business purposes, you may deduct its entire cost of ownership and operation. However, if you use the car for both business and personal purposes, you may deduct only the cost of its business use.
You can generally figure the amount of your deductible car expense by using one of two methods: the standard mileage rate method or the actual expense method. If you qualify to use both methods, you may want to figure your deduction both ways before choosing a method to see which one gives you a larger deduction. https://www.irs.gov/taxtopics/tc510
Here are some more deductions that a self employed business owner
I hope this information helps.
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Self employed
Your single member LLC is disregarded for tax purposes.
You can claim qualifying expenses for the business use of your vehicle using either the guidelines in the resource below:
https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zzzh
You cannot just deduct the cost of the vehicle as such - if that is what you had meant.
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